AMP renegotiates lower life unit sale price, keeps 20% stake

Wed, 07 Aug 2019

By Jenny Ruth Aug. 8 (BusinessDesk) - AMP remains determined to divest its New Zealand wealth management business after renegotiating the sale price of its life insurance business on both sides of the Tasman to Bermuda-based Resolution Life for A$3 billion. That’s A$300 million less than the original price after the Reserve Bank of New Zealand refused to give its approval for the NZ life business to continue to operate as a branch. Instead, RBNZ is insisting that Resolution Life agree to have separate, ring-fenced assets held in New Ze...

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